technology

Elon Musk offers to buy rest of Twitter for $54.20 a share

Elon Musk offers to buy rest of Twitter for $54.20 a share

  • Elon Musk has offered to buy the rest of Twitter Inc
  • in a deal valuing the social-media company at more than $43 billion, calling the bid his “best and final offer
  • “If it is not accepted, I would need to reconsider my position as a shareholder, said Mr
  • Musk, who earlier this year built a more than 9% position in the stock, making him the company’s largest shareholder
  • “I am not playing the back-and-forth game
  • Musk said he would pay $54
  • 20 a share in cash, representing what he said was a 54% premium over the day before he began investing in Twitter and a 38% premium over the day before his investment was publicly announced
  • “Twitter has extraordinary potential
  • I will unlock it, Mr
  • Twitter said it would “carefully review the proposal
  • On Wednesday, Twitter shares closed at $45
  • In premarket trading, the stock rose nearly 13% to $51
  • The Tesla Inc
  • chief executive, with more than 80 million followers on Twitter, has long been one of Twitter’s most prominent users and, at times, one of its most vocal critics
  • A self-described “free speech absolutist, Mr
  • Musk has publicly encouraged the platform to allow a wide range of opinions
  • The latest developments add to a whirlwind 10 days
  • Musk’s stake in Twitter was made public April 4, and plans for him to join the board were announced April 5
  • He then spent much of this past weekend tweeting criticisms, suggestions and apparent jokes about the company—before deciding not to join the board earlier this week
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technology 2022-04-14 Livemint